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ITEM: RESOLUTION NO. R2015-89 (SADDLE TRAIL PARK SOUTH PROJECT ASSESSMENTS)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL AUTHORIZING THE SADDLE TRAIL PARK (SOUTH) NEIGHBORHOOD IMPROVEMENT PROJECT; EQUALIZING, APPROVING, CONFIRMING, IMPOSING AND LEVYING CERTAIN NON-AD VALOREM SPECIAL ASSESSMENTS ON THE REAL PROPERTY SPECIALLY BENEFITTED BY SUCH IMPROVEMENT PROJECT TO PAY THE COST THEREOF; PROVIDING FOR THE PAYMENT AND COLLECTION OF SUCH SPECIAL ASSESSMENTS BY THE METHODS PROVIDED FOR HEREIN AND PURSUANT TO CHAPTER SECTION 3, AS AMENDED, OF THE VILLAGE OF WELLINGTON'S CODE OF ORDINANCES AND APPLICABLE PROVISIONS OF CHAPTERS 170 AND 197, FLORIDA STATUTES; PROVIDING FOR SEVERABILITY; PROVIDING FOR CONFLICTS; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of Resolution No. R2015-89 authorizing the Saddle Trail Park (South) Neighborhood Improvement Project and the provisions for the Special Assessment.
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EXPLANATION: This Resolution authorizes the Saddle Trail Park (South) Neighborhood Improvement Project and approves the provisions for the Special Assessment. A copy of the assessment area plat is provided herein as Exhibit A. The total estimated cost of the Improvements (design, permitting and construction) is $5,438,790.44. A copy of the Certified Engineer's Cost Estimate is provided herein as Exhibit B. Portions of the project plans are provided herein as Exhibit C.
The total assessment is estimated at $6,169,200. This amount includes the cost of the Improvements plus certain costs associated with financing (cost of issuance, capitalized interest and debt reserve) and assessment collection costs. This figure does not include interest accrued over the life of the bonds because the interest (coupon) rate is not yet known and will not be known until the bonds are sold. Assuming an interest rate of 4.5% and a total bond issuance of $5,820,000, the total assessment cost would be $9,451,725.
The benefits derived from the I...
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